Fulham effectively debt-free as Fayed converts loans into equity

The Fulham chairman, Mohamed Al Fayed, has converted his £212m in loans to the club into equity. Photograph: Sang Tan/AP

Fulham are effectively debt-free after Mohamed Al Fayed converted his £212m in loans to the club into equity. The London club reported an operating profit of £1.2m for the financial year ending 30 June 2012 with that figure inflated by the £3.4m generated by the team's participation in last season's Europa League.

The manager, Martin Jol, still hopes to strengthen his squad this week ahead of Thursday's closure of the transfer window with Fulham currently 14th in the Premier League, six points clear of the relegation zone, as they attempt to emulate last term's ninth-place finish. There is some funding available to add to his options given the summer sales of Moussa Dembélé and Clint Dempsey.

Fulham posted revenue figures of £79.3m, including the influx from the Europa League, for the last financial year and also saw the overall occupancy figure at Craven Cottage rise to 98.4%.

"Fulham continues to make great strides and, following planning permission for the redevelopment of the Riverside Stand, we will continue to prosper and grow," said Fayed, the chairman. "For almost the last 15 years, I have ensured the club moves in the right direction and remains true to our proud history, strong heritage and past traditions."